Cement News tagged: Corporate
Malayan Cement Bhd on course for profits in 2020
Malayan Cement Bhd is likely to turn a profit from 2020 onwards by reducing operating costs and implementing a cost rationalisation initiative which began in 1H19, according to a research house. In the 1H19 Malayan Cement's net loss fell by 45 per cent YoY to MYR80.5m (US$19.4m) and while revenue was down six per cent, operating costs declined by 12 per cent. The company has since benefit...
Birla Corp sees 450% rise in net profit
India's Birla Corp has seen a 450 per cent increase in net profit to INR880m (US$12.4m) in the 2QFY19-20, compared with INR160m in the corresponding period of the previous fiscal. Revenue advanced 10.9 per cent YoY to INR16.47bn, while EBITDA surged 61 per cent to INR3.32bn. The EBITDA margin climbed to 20.1 per cent from 13.9 per cent. The company has attributed the positive results to hig...
UltraTech Cement looks to divest Bangladesh asset
India's UltraTech Cement has stated that its plan to divest non-core assets in China, the UAE and Europe, is progressing well. It has also announced that it is looking to exit the Bangladesh market. "We are also exploring opportunities to exit Bangladesh, where we have a small grinding unit of 0.6Mt. All the proceeds from these asset disposals will help bring down our leverage position furt...
ACC plans integrated works in Bilaspur, Chhattisgarh
ACC is planning to build an integrated cement plant at Masturi, Bilaspur district, Chhatisgarh, on 105ha of land. The project will represent an estimated investment of INR29bn (US$408.8m). The new cement works will have a capacity of 2.72Mta of clinker and 4.05Mta of cement. It will include a captive power plant of 65MW and a WHR-based power plant of 10MW. Limestone will be supplied from a ...
Eastern Province Cement records 300% increase in net profit
Saudi Arabia’s Eastern Province Cement Co has reported a 300 per cent increase in net profit to SAR36m (US$9.6m) in the 3Q19, compared with SAR9m in the year-ago period. Sales also advanced 42.6 per cent YoY to SAR174m from SAR122m. During the first nine months of 2019, net profit surged 159.1 per cent YoY to SAR114m from SAR114m in the 9M18. The increase in profit has been attributed to hi...
Bestway's CEO takes seat in UK House of Lords
British-Pakistani businessman Lord Zameer Choudrey has formally taken his seat in the House of Lords with a pledge to use his position to work towards improving trade relations between Pakistan and the UK. As the Chief Executive of Bestway Group, Lord Choudrey manages Bestway Cement Ltd, United Bank Ltd and MAP Rice Mills, aside from owning Bestway Wholesale in the UK, Well Pharmacy, real es...
Fire put out at Cemex's Rugby cement plant
Some 50 fire fighters and eight fire engines were called to Cemex's Rugby cement plant in Warwickshire, UK, at 2.15am on 5 November to put out a fire that had spread to four storeys of the 70m-high preheater tower. The blaze centred around a conveyor belt. A spokesman from Cemex said, "Cemex confirms there was a fire at the Rugby cement plant in the early hours of 5 November. We are grateful...
Vicat gets more American sales, north and south
Vicat's turnover for the first nine months of 2019 improved by 5.7 per cent to EUR2059m, which represents an underlying reduction of 0.7 per cent. Cement deliveries declined by 4.4 per cent to 16.66Mt. The aggregates and concrete turnover improved by 9.3 per cent to EUR819m with shipments of aggregates edging ahead by 0.3 per cent to 17.21Mt and deliveries of ready-mixed concrete declined by 2...
Lafarge Jordan Cement set to cut 200 jobs
Lafarge Jordan Cement has announced it would be cutting 200 jobs to remain in business after accumulating losses of JOD62.2m (US$87m) following the closure of one plant in the country and the partial shutdown of another, according to Reuters. The company recorded losses of JOD34.6m in 2018, compared to JOD33.3m in the previous year. "The decision is part of the company plan to ensure its co...
Hanson secures rail deal to supply Hinkley Point C project with cement
Hanson Cement (HeidelbergCement group) has agreed a new contract with GB Railfreight for seven years. The new deal will provide freight services for bulk cement from the Ketton works in Rutland, Lancashire, to terminals at London King's Cross, Avonmouth in Bristol and Mossend in Glasgow. GB freight will operate nine trains a week for cement deliveries in the UK for Hanson Cement which ...
City Cement sees 96% rise in revenues, back in profit in 3Q19
Saudi-based City Cement Co reported profits of SAR50.5m (US$13.5m) in the 3Q19 when compared with SAR2.38m loses in the same quarter of 2018, according to Mubasher. Total revenues increased by 95.8 per cent to SAR127.9m in the third quarter, compared to SAR65.3m in the 3Q18, said a bourse statement. In the first nine months of 2019, net profits of City Cement soared by 283.3 per cent to SAR1...
RAK White Cement announces 29% net profit rise
UAE-based RAK White Cement saw its net profit increase 28.6 per cent to AED17.89m (US$4.8m) during the 9M19, compared to AED13.91m in the year-ago period. Sales advanced 5.9 per cent to AED180.16m in the first nine months of 2019 against AED170.08m in the 9M18.
JK Lakshmi Cement records 6% rise in net sales
India’s JK Lakshmi Cement has reported a net profit of INR486.7m (US$6.89m) in the 2QFY19-20, compared with a net loss of INR50.2m in the year-ago period. Consolidated net sales increased 5.6 per cent YoY to INR10.12bn. Consolidated EBITDA advanced 45 per cent to INR1.54bn in the quarter ending September 2019, rising from INR1.06bn in the corresponding quarter of the previous year.
Tamil Nadu Cements inaugurates expansion project
India’s Tamil Nadu Cements Corp Ltd, owned by the government of the state, has expanded the capacity of its Ariyalur complex at an investment of INR8.09bn (US$114.4m). The project has seen the construction of a new 1Mta plant on the same site as its existing 0.5Mta unit, therefore taking the company’s total capacity to 1.7Mta. It supplied 74 per cent of its production to government departmen...
Gansu Qilianshan Cement increase building materials stake to 80%
Gansu Qilianshan Cement Group Co Ltd has agreed to buy an additional stake in Gansu Zhangye Julong Building Materials Co Ltd. Following the acquisition, Gansu Qilianshan Cement will hold a stake of around 80 per cent in the company. On 6 June 2019 Gansu Qilianshan Cement acquired an additional 22.78 per cent stake in Gansu Zhangye Julong Building Materials, up from 26 per cent initially.
Crown Cement Group to supply road project
Bangladesh’s Crown Cement Group has signed an agreement with China Construction Seventh Engineering Division Corp Ltd, which will see the cement manufacturer supply cement to the South Asia Sub-regional Economic Cooperation (SASEC) Road Connectivity Project-II. The SASEC Road Connectivity Project-II is an initiative to upgrade around 190km of road from Elenga, Tangail District, to Rangpur to ...